Taxes Consolidation Act, 1997
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Computation of losses attributable to exemption of income from certain securities. [FA92 s42(2) and (3)(b) (apart from proviso thereto)] |
398.—(1) Notwithstanding subsection (5) of section 396 or subsection (3) of section 397 , in ascertaining for the purposes of those sections whether and to what extent a company has incurred a loss in carrying on a trade in the State through a branch or agency, the interest on, and other profits or gains from, a security held by or for the branch or agency shall be treated as a trading receipt of the trade if such interest or other profits or gains would, if sections 43 , 49 and 50 had not been enacted, have been so treated, or have been included in an amount so treated. | |
(2) Subsection (1) shall apply for the purposes of ascertaining whether and to what extent a company has incurred a loss where apart from that subsection the company would be treated as having incurred a loss and that loss would be— | ||
(a) set-off against the trading income or profits (whether of that company or any other company) of, or | ||
(b) incurred in, | ||
an accounting period. |